The Federal Reserve's headquarters in Washington, D.C. iStock photo/File

Citing slowing economic growth and a weakening job market, the Federal Reserve announced a quarter-point cut to its benchmark interest rate Wednesday.

“Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate [of encouraging maximum employment and stable prices] and judges that downside risks to employment have risen,” the Fed said in a statement announcing its move.

Some observers had suggested the central bank would opt for a more dramatic 50 basis-point cut, despite pressure from President Donald Trump to dramatically lower interest rates.

Only the newest member of the Fed’s interest rate-setting committee, chair of the presidents’ Council of Economic Advisers Stephen Miran, voted for this outcome, with the remaining committee members backing the more conservative 25 basis-point cut.

Markets, business leaders and commentators are watching closely to see whether Federal Reserve Chair Jerome Powell and other senior Fed leaders will resist Trump’s efforts to gain control over the country’s historically independent central bank.